Deere Reports Nearly $2 Billion in 1Q 2023 Net Income

• Strong execution contributes to 34% net sales gain and higher earnings.
• Market environment supported by positive fundamentals and healthy demand for farm and construction equipment.
• Full-year net income forecast increased to $8.75 billion to $9.25 billion.

MOLINE, Ill. — Deere & Company reported net income of $1.959 billion for the first quarter ended January 29, 2023, or $6.55 per share, compared with net income of $903 million, or $2.92 per share, for the quarter ended January 30, 2022.

Worldwide net sales and revenues increased 32%, to $12.652 billion, in the most recent quarter. Net sales were $11.402 billion for the quarter, compared with $8.531 billion in 2022.

“Deere’s first-quarter performance is a reflection of favorable market fundamentals and healthy demand for our equipment as well as solid execution on the part of our employees, dealers, and suppliers to get products to our customers,” said John C. May, chairman and chief executive officer. “We are, at the same time, benefiting from an improved operating environment, which is contributing to higher levels of production.”